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The\nFree Zones of UAE are exceptional, utilitarian locations to start a new\nbusiness in the country. The advantages offered by Free Zones are multiple.\nFree Zones support 100% foreign ownership, 100% repatriation of capital and\nprofits, free transfer of funds and grants exemption from import and export\nduties.<\/p>\n\n\n\n
Free\nZones also facilitate quicker incorporation of business while also extending\ninexpensive workforce and easy recruitment procedures. They are also efficient\nproviding 25 years lease options, warehouse facilities, availability of\ndedicated areas for production and assembling.<\/p>\n\n\n\n
The Following Checklist Will Be Helpful To\nSet Up A Business In Any Of The Free Zones Of UAE<\/strong><\/p>\n\n\n\n The first step to starting a business in a free zone is to\ndecide the kind of business that you want to engage in. This can influence a\nnumber of factors including the location of your business. You can choose from\nthousands of business activities from sectors such as energy, commodities, gold\n& diamonds, technology, constructions, FMCG, healthcare, aviation,\nshipping, education, media, professional services, financial services and\npersonal & community services.<\/p>\n\n\n\n Free\nZones can also play host to financial businesses like banks, insurance, wealth\nmanagement and capital markets as well as non-financial businesses like retail\nshops, restaurants, five-star hotels, art galleries and academic institutions.\nCertain kinds of businesses can only be established at certain areas due to\nrequirements like adequate resources or disposal of waste generated and\npollution prevention. Before starting a company, you also have to decide\nits legal identity. According to the number of partners involved in your\nbusiness, the company can either be a Free Zone Limited Liability Establishment\n(FZE) or a Free Zone Limited Liability Company (FZ-LLC). A Free Zone LLE can\nhave only one owner while a Free Zone LLC can have between 2 and 5 shareholders<\/p>\n\n\n\n The second step for business creation in a free zone is to\nselect a company name. The name chosen should be unique and be indicative of\nthe general purpose of the company. The name is approved only if certain key\nrequirements are met. Some of these are<\/p>\n\n\n\n You\nneed the initial approval to apply for the business license. To obtain the\napproval you are required to provide:<\/p>\n\n\n\n After\ngetting initial approval, you need to pay out the registration fees and licence\nfees. The fees depend upon the type of licence required.<\/p>\n\n\n\n After\nthis, to obtain the business licence and register your business you need to\nsubmit:<\/p>\n\n\n\n Once\nthe preliminary approval is granted, a letter to open a bank account is issued\nfor the investor to deposit the capital if it\u2019s a requirement from the Free\nZone in a UAE-based bank. After the deposition of capital, a letter is\ncollected from the bank and shown to the Free Zone authorities to complete the\nlegal process of registration. This capital must be retained till the trade\nlicence is issued. This process involves payment of license and\nregistration fees, payment of lease or rent, signing a lease deed, signing the\nMemorandum of association for the new company and a resolution of the\nsubscribers.<\/p>\n\n\n\n Some\nfree zones allow the process to start even before the capital is shown. The\nmanager, authorized to sign on behalf of the investors, must attest all the\nlegal documents. Once the registration process is completed, the business\nlicense is issued and you are ready to start operations.<\/p>\n\n\n\n Companies\nestablished in free zones have to abide by the rules of the respective free\nzones. To get the requisite approvals, you need to apply with the necessary\ndocuments. The list of documents depends on the type of business activity, the\ntype of company and the requirements of the free zone authority.<\/p>\n\n\n\n Some of\nthe types of business licences are Commercial\/trade, Consultancy\/services,\nIndustrial, Educational, Media, e-commerce, Offshore, Freelancer, Warehousing,\nManufacturing etc.<\/p>\n\n\n\n Foreign firms will need an Establishment Immigration Card to\nenable employees to immigrate to the UAE. The EIC is bestowed by the General\nDirectorate of Residency and Foreign Affairs.<\/p>\n\n\n\n Only\npeople aged between 18 and 60 are eligible to apply for an employment visa. An\nattested educational certificate is mandatory to apply for employment visa for\nladies, professional categories and managerial positions.<\/p>\n\n\n\n Most\nfree zone authorities place a limit on the number of visas that can be\ndispensed to each business. Companies can increase their visa quota by either\nmoving to bigger offices or by applying for an increase in visa quota. This is\nsubject to the approval of the free zone authority.<\/p>\n\t\t","protected":false},"excerpt":{"rendered":" The Free Zones of UAE are exceptional, utilitarian locations to start a new business in the country. The advantages offered by Free Zones are multiple. Free Zones support 100% foreign ownership, 100% repatriation of capital and profits, free transfer of funds and grants exemption from import and export duties. Free Zones also facilitate quicker incorporation of business while also extending inexpensive workforce and easy recruitment procedures. They are also efficient providing 25 years lease options, warehouse facilities, availability of dedicated areas for production and assembling. The Following Checklist Will Be Helpful To Set Up A Business In Any Of The […]<\/p>\n